MGEB02H3 Study Guide - Comprehensive Final Exam Guide - Amt (Country Subdivision), United States Dollar, Demand Curve
19 Nov 2018
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Mgeb02h3f lecture 1: intro & preliminaries supply & demand. Economics study of decision-making given constraints (lim. resources) where individuals face trade-offs when choosing b/w diff. alternatives e. g limited budgets + time for consumers, Econ helps gain insights into operation of individual markets for goods & services, financial markets, and global econ system. Leads to wide range of careers, includes (not lim. to) business, law, econ research + consulting: role of universities in local invention. Impact of student debt on entrepreneurship: effects of min. wage laws. Impacts of discrimination on innovation: eviction causing poverty, causes of gender wage gap. Microeconomics study individual decisions of econ. agents; models provide insight by providing basic structure. Interaction b/w agents in market environments (ch 9-11) relevant for public policy, antitrust authorities, etc) Methodology: theories used to understand diff forces in economy, make predictions, improve on outcomes via changing institutions. Economic models decription of an econ. situation via words + math expressions which are often depicted in diagrams.
